Wedding Loan: A Great Financial Support For You And Your Family

28 December 2022

Indian weddings are expensive affairs and involve plenty of expenses and emergencies. Take a Personal Loan for wedding now, cover the marriage costs with no end-use restrictions, and repay the amount in EMIs suitable to your budget. The loan does not stress the borrowers' budget as they can choose the EMI plan convenient to their repayment capacity.

Take the Financial Pressure off You and Your Family With A Wedding Loan

A wedding is an important occasion in everyone's life. From decor and food to outfits and accessories, everything should be just right. However, a wedding usually involves multiple expenses like booking the venues and hiring professional services like beauticians, photographers, caterers, decorators, etc. It is also time to make some big-ticket expenses like clothes, jewellery, and sometimes, home renovation, planning for an international honeymoon, etc. Paying for all the wedding-related expenses is possible only with sufficient funds. That is when many prefer to take a Personal Loan for Wedding, commonly known as Wedding Loan.

Sometimes, even intensive planning cannot predict the exact wedding cost. So, keeping some extra funds is best to gain more flexibility. In many cases, wedding hosts refrain from using their savings to cover the expenses. In both cases, a marriage loan is an easily accessible funding source that keeps the financial pressure off you and your family. Here's everything you need to know about a wedding loan.

What is a Wedding Loan?

A wedding loan is an unsecured Personal Loan that borrowers can specifically use to pay for the marriage costs. Lending institutions do not ask for any collateral, guarantor, or security against these loans as they determine the applicant’s eligibility based on their creditworthiness.

How Does a Wedding Loan Take Off the Burden?

Here are a few reasons why a Personal Loan is best suited to cover Indian wedding costs:

Freedom of Usage: Most loans, like home loans and car loans, can be used for specific expenses only. Borrowers cannot utilise the loan amount for any other purpose than the sanctioned one. However, a Personal Loan for Wedding does not work that way. Those who get a wedding loan can use it to fund any requirement, including venue, decorations, outfit, jewellery, catering, photography, etc. The lending institution does not place any end-use restrictions on how to use the money, making it an ideal funding option for last-minute wedding expenses.

Savings Remain Intact: The bride, the groom, or family members do not need to exhaust their savings or liquidate their assets to fund the wedding festivities. With external funding from a Personal Loan for wedding, borrowers can cover the costs and repay in EMIs without stressing their finances. Many also redeem their mutual fund and FD investments to fund the expenses. Therefore, taking out a wedding loan keeps savings intact without adjusting the investment goals.

Easy Accessibility: Getting a Personal Loan for Wedding is pretty straightforward, as you can apply online with top lending institutions like Clix Capital from the comfort of your house. The application procedure is effortless and does not require any physical paperwork. Simply visit their website and fill out an application form. Once verified and approved, the lending institution will credit the loan into your account instantly. Notably, those who meet the eligibility criteria can get their loan approved and disbursed on the same day.

Sufficient Loan Amount: Whether in Mumbai or Delhi, a Marriage Loan can help you plan a luxurious wedding by providing ample funding. The standout feature of wedding loans is that applicants can apply for a large loan amount based on their income, credit score, financial obligations, and monthly repayment capacity. With extra funding from a Personal Loan, wedding hosts can plan a destination wedding with flexibility and freedom. The loan amount can easily cover the costs of most wedding-related expenses. A Personal Loan EMI Calculator can help you decide the most suitable EMI based on your preferred loan amount, interest rate and repayment tenure.

Repayment Does Not Become a Burden: Most NBFCs provide wedding loans with flexible repayment terms ranging from a few months to years. Using a Personal Loan EMI calculator, applicants can pre-decide the amount of their EMI and schedule the repayments accordingly. Selecting an EMI option according to the monthly budget based on income and expenses assures timely repayment without stressing the finances. It ensures that the marriage expenses do not weigh heavily on the borrower.
No Collateral Required: Many Indian families mortgage their property or gold to get a loan for a wedding. With a Personal Loan for wedding, the borrowers are not required to provide collateral to get the loan. Borrowers can avail of a wedding loan using their professional and personal details. Therefore, their easy accessibility helps cover the wedding costs without worrying about the mortgaged security.

Taking Out a Wedding Loan

Hosts who realise the wedding costs will exceed their planned or saved amount might consider taking out a marriage loan. In Delhi or any city in India, salary professionals consider applying on the websites of online lending institutions. Although you can apply for this loan anytime during the wedding planning process, the earlier you borrow, the earlier the repayment term starts. Therefore, it's best to take the loan only during the need rather than in advance, as it will come with a commitment to pay the EMIs.

Like a Personal Loan, those looking for a wedding loan must apply through a reputable NBFC after checking their eligibility criteria and documentation requirements. Evaluate the expenses and decide on a loan amount according to your monthly income, recurring payments & expenses, credit score, etc. Applicants with a credit score of 630 or above are likeliest to get approval at the best interest rates.

What to look for in a Marriage Loan?

While borrowing a Marriage Loan, ensure that the loan has features to make the debt easily manageable for you and your family. Here are a few:
Interest Rate: The lower the interest rate, the better. Borrowers must pay the interest throughout the loan term, and the cost can significantly increase the total wedding expense. A lower interest rate makes budgeting easier and saves money.

Loan Term: A short repayment term minimises the interest costs. A shorter loan term increases the monthly EMI amount but gets the borrower out of debt sooner and saves money on the interest cost. Letting the debt linger for longer will increase interest payments.

Monthly EMIs: Apart from focusing on the total amount to borrow, ensure the monthly payments fit into the family's monthly budget. Extending the loan tenure will reduce the EMI amount but increase the interest costs. Use a Personal Loan EMI calculator to calculate EMIs for different terms and decide according to monthly repayment capacity.

Apart from hosting a dream wedding, financial security is of equal importance, and a wedding loan does that by safeguarding the present without sacrificing the future. Taking a Personal Loan for wedding makes more sense than exhausting savings and redeeming investments. So, if you are a salaried professional looking for a marriage loan in Delhi or any other city in India, apply online for a paperless application process and get the loan quickly with low-interest rates and flexible terms.

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